Michael Ubaldi, February 25, 2005.
Another day, another twenty-percent upward revision in the measure of quarterly gross domestic product expansion:
The economy grew at a solid 3.8% annual rate in the final quarter of 2004 — stronger than previously estimated — and an encouraging sign that the business expansion was firmly entrenched at the start of the new year. The reading on gross domestic product, released by the Commerce Department on Friday, was better than the government's initial calculation a month ago. That estimate showed the economy growing at a 3.1% pace.
DRAG RACE DOWN WALL STREET: Couldn't resist stretching the metaphor. The stock market liked what it saw today, no doubt.
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